Saturday, March 29, 2008
WHO’S TO BLAME?
What is behind the economic mess that the country is in? Senator John McCain, who admits, “The issue of economics is not something I’ve understood as well as I should,” placed the blames squarely on the people who “bought homes they couldn’t afford.” He went on to say that federal assistance “must not reward people who were irresponsible at the expense of those who weren’t.”
Wait a minute! Who was responsible? Was it the Wall Street bankers like Bear Stearns whom the federal government is bailing out? Was it Bear Stearns stockholders, like chairman James E. Cayne, the value of whose company shares fell from $1 billion to a mere $61 million? Was it the politicians and lobbyists who tore down much of the regulations covering the finance industry? Was it the poor suckers who bought a home with money lent to him by a banker who supposed to check the buyer’s ability to repay?
The fact is, it doesn’t matter who is to blame. It’s a mess, and it concerns all of us. The problems in the housing/credit market touch every area of business and affect us all. Before it gets any worse, we had better do something about it.
Hillary Clinton compared John McCain to Herbert Hoover, the man who stood by and did nothing while the country slide into the worst depression it has ever seen. Even George Bush has done more than John McCain is willing to do.